Buckeye Diamond Logistics and CHEP Settle Dispute; Agreement Reached to Work Together and Deliver Benefits to the Pallet Industry.ORLANDO, Fla. -- Buckeye buckeye: see horse chestnut. buckeye Any of about 13 trees and shrubs of the genus Aesculus (family Hippocastanaceae), native to North America, southeastern Europe, and eastern Asia. Diamond Logistics, Inc. and CHEP CHEP Cricohyoidoepiglottopexy CHEP Computers in High Energy Physics (Conference) CHEP Commonwealth Handling Equipment Pooling (CHEP Inc.) USA have settled their four-year old lawsuit. Representatives from Buckeye and CHEP described the agreement as a fair and equitable settlement for both Buckeye and CHEP and one from which the entire pallet industry will benefit. Buckeye Diamond Logistics, Inc., had brought a suit against CHEP claiming, among other things, that CHEP pallets that had come into possession of Buckeye no longer belonged to CHEP and were the property of Buckeye. An Ohio district court previously dismissed Buckeye's other claims against CHEP, including all claims related to the ownership of pallets, but allowed Buckeye to pursue a claim for compensation for the recovery of CHEP pallets. The remaining issues regarding compensation for recovery of CHEP pallets, and CHEP's claims against Buckeye for damages, were set to be decided in court this week. Buckeye and CHEP's agreement will enhance the existing CHEP Asset Recovery Program (ARP) for the benefit of Buckeye, CHEP and the pallet recycler industry. "We are very pleased to reach an agreement with Buckeye and its Chairman, Sam McAdow, Sr. We recognize this lawsuit was a consideration in developing our original Asset Recovery Program and appreciate the help that Mr. McAdow has provided in putting together our new fuel surcharge An overcharge or additional cost. A surcharge is an added liability imposed on something that is already due, such as a tax on tax. It also refers to the penalty a court can impose on a fiduciary for breaching a duty. ," stated Elton Potts, Senior Vice President, Asset Management, CHEP USA. As part of the agreement with Buckeye, CHEP will modify its Asset Recovery program to include a fuel surcharge to offset the increased cost of fuel. Details of the surcharge will be announced via letter to the recyclers shortly, but will be effective immediately. Mr. McAdow added; "I am proud to resolve our dispute in a manner that will benefit my pallet industry colleagues. With the addition of the fuel surcharge, we can now endorse and will participate in the CHEP Asset Recovery Program and see no benefit to ourselves or the industry in continuing to litigate with CHEP". The agreement will help CHEP recover its assets that come into possession of pallet recyclers and offers fair compensation to the pallet recycling recycling, the process of recovering and reusing waste products—from household use, manufacturing, agriculture, and business—and thereby reducing their burden on the environment. industry. About Buckeye Diamond Buckeye Diamond Logistics is an Ohio-based company that recycles and sells white-wood pallets. Buckeye is a pallet industry leader providing services to the consumer packaged goods Noun 1. packaged goods - groceries that are packaged for sale foodstuff, grocery - (usually plural) consumer goods sold by a grocer plural, plural form - the form of a word that is used to denote more than one industry as well as to industrial companies. About CHEP CHEP is the global leader in pallet and plastic container pooling services serving many of the world's largest companies. CHEP handles pallet and container supply chain logistics for customers in the consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and , produce, meat, home improvement, beverage, raw materials, and automotive industries Automotive Industries, Ltd. (Hebrew: תעשיות רכב נצרת עלית, תע"ר . With global partners that include Wal*Mart, Procter & Gamble, SYSCO SYSCO Systems and Services Company , Kellogg's, Kraft, Nestle, Ford and GM, CHEP is known for "Handling the World's Most Important Products. Everyday." |
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